Cryptocurrency Q&A
Can I claim crypto losses on taxes in Canada?
Can I claim crypto losses on taxes in Canada?
Riccardo
Mon May 13 2024
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7 answers
1569
Excuse me, I'm a bit confused about something related to taxes and cryptocurrencies in Canada. Could you possibly explain to me if it's possible to claim losses on cryptocurrencies for tax purposes? I've heard rumors that there might be some sort of tax relief for investors who have incurred losses in the crypto market, but I'm not quite sure how it works or if it's even true. Could you clarify this matter for me? It would be greatly appreciated. Thank you in advance for your time and assistance.
7 answers
Carlo
Wed May 15 2024
Capital losses arising from crypto-assets cannot be offset against income from diverse sources.
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CryptoChieftainGuard
Wed May 15 2024
This means losses from crypto investments cannot be used to reduce taxable income from employment.
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Bianca
Wed May 15 2024
Taxpayers are permitted to deduct half of their capital losses.
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KpopStarletShine
Wed May 15 2024
These deductible losses are known as allowable capital losses.
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DaeguDivaDanceQueen
Tue May 14 2024
Allowable capital losses can only be offset against taxable capital gains.
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